Mountainside Industries Essay

As focusing on each of the five management assertions for the inventory account, we discovered that there are some risky areas that indicate the need for further attention during the audit. First of all, for existence or occurrence, all items in the inventory account must physically exist and be available for sale. Thus, the auditors should physically count finished goods, copper rod, and plastic inventories, and determine actual increase of inventories at year end. Also, they should select items from the inventory ledger and locate them and reconcile the quantity. Second, for completeness, the auditors should make sure that all existing inventories have been recorded completely , go around the warehouse and ensure all the inventories are recorded in the inventory ledger. Third, for valuation or allocation, the auditors should make sure that Laramie Wire manufacturing sticks with one valuation method(For inventory items, valuation is based on the lower of cost or market value, with several alternative methods for calculating cost), find out if there is any scrap inventory that needs to be recorded and written off ,and ask about obsolescence items. Fourth, for rights and obligations, the auditor should ask them if there is any consigned inventory at their warehouse. If there is, those inventories should not be recorded in the company's inventory ledger. Finally, for presentation and disclosure, the auditors should review the company's financial

Due to the recent economy situation and ever challenging business environment, for the whole of last year, the company recorded cost hike and sales decline. This has impacted the bottom line (profitability) of the company. The top management sees that urgent action plans need to be put in place for continuous survival of the company.

While working for the department, it became very apparent that the practices and management style of the Department Director significantly affected the culture and daily activities of the individual sections under his leadership. First, he would set objectives and standards for the individual sections. These objectives usually looked good on paper but were often unrealistic when applied to daily operations. These lofty ideals, set as goals to middle management, seemed overwhelming and out of touch with the reality of hands on field operations. As a result, middle management would frequently choose to either change or completely disregard the given directives. This disconnect in the chain of command would often cause confusion and inconsistencies at the operations level. Additionally, lack of follow-up meant the Department Director assumed his set objectives were being carried out while lower level employees remained uninformed.

To be successful in today’s business environment, an organization must be able to perform certain fundamentals accurately and efficiently. One of these elements is having an effective and efficient Inventory System Management (ISM). ISM enables one to have the knowledge of where his or her inventory is at every step of the way. This allows one to better interact with consumer and make sales. Choosing the right ISM can lead and pave the ground work for future business success and profitability.

J. M. Smucker Company is a relatively old one. It was established in 1879 as a small business that catered to the local population . As business grew and transportation routed between cities became larger and easily accessible, Smucker's began to produce its other lines of products. These include; jams, jellies, preserves, ice cream toppings, peanut butters, beverages, and today they now supply ready made sandwiches. All the products provided by Smucker's are all food industry products that are sold steadily throughout the year with their peak time in the fall when children return to school. Smucker's also sells its products through many mediums such as supermarkets, schools,

Mining; the life blood of the Upper Peninsula of Michigan, which became renowned for its massive supplies of iron, nickel, and copper ores. The sanctity of the residents living in Northern Michigan were dependent on the flow of natural resources coming from the mines, where many flocked to the growing cities to find work. Despite the wealth the region found in mining, it vanished once the prices of these metals dropped, where most mines were abandoned. Mining has once again taken root in the Upper Peninsula, with promises of jobs and greater economic and environmental security. The impacts of such promises once caused the region to flourish, yet left a scar the people and environment

“In an age of increasing specialization, it is rare for one person to be knowledgeable in all aspects of a complex task” (Thompson, 2015, p. 88). In this case, the first step was to understand our incoming demand. For this, I relied on information technology to generate numerous reports as well as the expertise of our sales team. It was at that point that the data was analyzed in conjunction with an inventory specialist. After we had the knowledge of what current product to inventory, we then needed to establish a set of guidelines of how to qualify products in the future. Inventory control management processes were instituted as well as a supply an auditing system. These steps included information from organizational members from our manufacturing group, planning department, and procurement department. Finally, we needed to understand and facilitate the storage and shipping of the product. We enlisted the help of our warehouse employees as well as our transportation department. This type of project included various levels of the organization and required a tremendous amount of communication. The project workload was enormous and also had a substantial financial investment associated with it. Instrumental in the project’s success was the team’s cohesion, diversity, and strategies deployed

Introduction      Today, when we hear the slogans "better farming, better food," or "proud to be farmer owned" one company comes to mind, Farmland Industries. We may think of this of this fortune 500 company as a leading agricultural powerhouse, which it is, however, it was not always that way. Background      Farmland Industries Inc. was founded by Howard A. Cowden, who was born and raised in Southwestern Missouri. Cowden started young in the cooperative business by working for the Missouri Farmers Association (MFA). However; in October of 1927, he had resigned from the position of secretary for the MFA and started out on his own.

Montana is a state full of beneficial industries. The state sends resources to all different parts of the world, exporting roughly 75 to 80 percent of its wheat products. Industries like mining, lumber, and agriculture have helped Montana to grow as a state and become a leading producer in the United States.

Second, the classification in inventory management is still inaccurate. That results in some problems such as: the severe lack of some products which are in growing demand (1 inch valve series 230), the redundancy making storage expenses go up and the stagnancy in storage area (to products like gear driven rotary and monitor controller)

In the midst of a global recession, Clayton Industries is challenged by a diminishing demand for their product and rising variable costs. These issues are further compounded by stiff market competition that

Second, excess inventory will be reduced on items that have a lower demand. Third, there should be enhanced credibility with customers due to the better availability of product. Forecasting should also benefit scheduling and labor needs for production. Ultimately, there should be an increase in inventory for products with high demand, a decrease in overall inventory, and reduced operating expenses.

The problem faced by the company is they do not have any systematic system to record and keep their inventory data. It is difficult for the admin to record the inventory data quickly and safely because they only keep it in the logbook and not properly organized.

A common way of decreasing the amount of inventory a business holds on a daily basis is implementing a just-in-time inventory process. A Just-In-Time inventory system means that the business gets the materials for a product, as they are demanded. “The electronic data

Supply change management (SCM) is active in many organizations today. The purpose of SCM is to maximize the company value in order maintain a competitive advantage in the market place. As an Operational Managers (OM) it is essential to oversee the supply chain within an organization. The OM responsibility is to manage the supply chain flow, and to ensure the supply chain has a quality design in order to reduce cost and drive efficiency. (Reid & Sanders, 2010) An organization supply chain includes activities such as product development, sourcing, productions, logistics, material, and other information systems needed to coordinate the movement of goods from suppliers to manufactures, and to final customers.